Specialists in Corporate Carveouts 

Specialists in Corporate Carveouts 

Splitstone Capital

Who We Are

Splitstone is a London-based private equity firm committed to unlocking the potential of non-core divisions through corporate carveout acquisitions.

With £100 million of capital available to invest, we specialise in acquiring UK and Ireland-headquartered opportunities in the industrial and business services sectors.

Our team has a history of delivering creative solutions to ensure a smooth ownership transaction for all stakeholders, no matter what the complexity, needs or challenges of our partners.

Our strategic partnership with Omni Advisory Limited, a London-based multi-asset manager with over 20 years’ experience, provides us with the committed capital and resources required to deliver complex transactions.

Corporate Carveouts and Private Equity

Our Focus

We seek out divisions that are no longer strategically essential to their parent companies. The reasons for divestiture may include lower margins, scalability issues, high labour or capital intensity, or the need for an operational or ESG transition.

Splitstone provides a professional and experienced counterparty for corporates looking to dispose of these divisions. We’re committed to making the transaction process as seamless as possible, and ensuring a new ownership structure where these businesses can become a priority and thrive.

Deal Size

Up to £100m Enterprise value. Up to £20m cheque size (no minimum)

UK or Irish HQ

With potential international operations

Company Scale

£20m-£100m+ turnover and over £1m EBITDA

Control

Whole companies and significant majorities

Horizon

3-7 years hold period

Potential

We seek companies with significant transformation potential – operational, financial or strategic

Our Sectors

Industrials: (e.g. manufacturing, packaging, chemicals).

Business Services: (e.g.  industrial services, distribution and logistics).

Other: Other sectors also considered.

Experts in the market

Our Team

Peter Foxwood

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Managing Partner

Peter Foxwood* has been working in private equity since 2008, with a focus on carve-outs and special situations. Over the years, he has successfully led more than 20 transactions as a principal investor, including 13 corporate carve-outs. These deals have ranged from smaller businesses to those with up to £60 million in EBITDA and sales of £10 million to £800 million.

Before moving into investing, Peter spent time advising mid-market private equity firms and corporates on commercial due diligence and strategy at PwC. He holds a BSc (Hons) in Management Sciences from Warwick Business School.

Outside of work, Peter enjoys spending time with his wife and 5-year-old twin daughters, who are his fiercest negotiation partners—especially when it comes to bedtime and dessert! A keen foodie, Peter loves to travel in search of great food and at home tries to squeeze in learning golf and tennis, or some time on the slopes snowboarding.

*Note: Peter changed his surname in 2025 from Wood. Read more here

Steven Clark

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Partner & Chairman

Steven is Partner and Chairman of Splitstone Capital. Active in the financial services industry for nearly 40 years, Steven founded the Omni group, the London-based multi-asset manager, in 2004. Steven has 20 years of experience founding and supporting growing businesses, contributing a valuable entrepreneurial lens and strategic insights to the Splitstone team.

Keelin O’Sullivan

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Investment Manager

Keelin O’Sullivan has been working in private equity since 2016, most recently as an Investment Manager at Vespa Capital the lower mid-market growth buyout investor where she was a key deal member on three successful transactions and sat on the board of two portfolio companies.  Prior to Vespa, she was a Senior Investment Analyst at the Irish Strategic Investment Fund (ISIF), a €9bn sovereign development fund, where she worked on private equity and impact-focused mandates. Keelin began her career at PwC Dublin in Transaction Services, working on buy- and sell-side due diligence for private equity and corporate clients. She holds a first-class honours degree in Law & Business from Trinity College Dublin, is a Chartered Accountant (ACA), and spent time studying at Universidad Carlos III de Madrid. Outside of work, Keelin enjoys running both around London and on trails, travelling (39 countries and counting!), discovering London’s best gigs and restaurants, and spending time with friends and family.

Nick Burnett

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Operating Advisor

Nick Burnett brings over 20 years of experience in leadership roles across management consulting, manufacturing, and retail. After more than a decade as a corporate carveout operational consultant at PwC, he’s perfectly positioned to help Splitstone with both pre- and post-acquisition value creation.

Outside the office, you’ll find Nick focusing on health, longevity, and spending time with his young kids.

Marlo Smal

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Finance and Operations Director

Marlo is a Chartered Accountant (CA(SA)) with more than 13 years professional experience and a background in the investment management industry. He has a Bachelor of Accounting (BAccHons) from the University of South Africa and a Bachelor of Commerce in Management Accounting from Stellenbosch University.  Marlo also holds the position of Finance Director for Omni Advisory Limited which is Splitstone Capital’s strategic partner.
Outside of work Marlo is a keen runner and enjoys spending time with his family.

Kamini Rajdev

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Compliance Associate & Paralegal

Kamini is an experienced compliance associate and paralegal having joined the industry in 2009.  Kamini has a Bachelors of Law from Kingston University and an LPC from the College of Law.

Outside of work, Kamini enjoys spending time with family and friends.

we seek value where others don’t

What We Do

Corporate Carveouts

We specialise in the acquisition of non-core divisions, and provide them with the attention and investment needed to realise their full potential. Our highly experienced investment team handles the entire process, from initial assessment through to post-acquisition integration, ensuring a smooth and efficient transition.

Strategic Transformation

Post-acquisition, we work closely with management teams to implement strategic initiatives, drive operational improvements, and ensure the business is well-positioned for long-term growth. While our approach is hands-on, we rely on highly engaged management teams to deliver the business plan that will realise what is often hidden potential.

ESG Leadership

We are committed to incorporating Environmental, Social, and Governance (ESG) considerations into our investment strategy. We help our portfolio companies navigate their ESG transitions, ensuring they become sustainable, responsible businesses.

experienced & creative

Examples of prior transactions

Carveout of multinational industrial manufacturing from UK plc

Challenges/complexities:

  • Major operational disruption from automation investment gone wrong
  • Financial performance declines
  • Exposure to market cyclicality
  • Storied corporate history but sellers desire for a “clean break”

Outcome:

  • Clean exit for the seller
  • Returned to significant growth and profitability
  • Investment in capital, people and systems
  • Carve-out successfully achieved

Carveout of UK services business from UK plc

Challenges/complexities:

  • High dependence on the seller for business
  • Synthetic financial profile
  • Mixed historical financial performance

Outcome:

  • Transaction solution for the seller
  • Performance and profitability materially improved
  • Add-on acquisitions to reduce dependence on seller

Carve-out of global manufacturing player from UK plc

Challenges/complexities:

  • Limited historical growth evidence
  • ESG concerns around the sector & transition needed
  • Evidence of historic under-management

Outcome:

  • Business reinvigorated
  • Several new growth streams
  • Profitability significantly improved
Embracing complex situations and hidden value

Why Splitstone?

Our team is fully versed in the intricacies and complexity of carveouts, having successfully navigated and completed over a dozen in the past 15 years. This, combined with broad sector expertise, means we can offer transaction confidence to all stakeholders.

We pride ourselves on our ability to craft bespoke transaction solutions that address the specific needs of each carveout situation. Our creative approach ensures that we can manage even the most complex scenarios, delivering value for both the corporate vendor and the acquired business. Often there are various commercial and operational links which require pre-deal consideration and a partnership approach to resolve.

We know how important it is to minimise disruption and ensure a smooth transition, and our process is designed to do just that. Our network of seasoned advisers and team of experienced professionals manage every aspect of the transaction with precision and care. Our investment decision making process is transparent and efficient, with Splitstone’s deal principles empowered to approve transactions, and no external investment committee members to consult.

Our Approach

1. Initial Engagement

We begin with a thorough assessment of potential acquisitions, focusing on financial health and transformation potential. We ensure it is the right company for us, and identify ways which we can be helpful to the seller as they navigate their exit.

2. Transaction Process

Our team manages the entire carveout process, ensuring a seamless and efficient transaction that minimises disruption to the business. We have an established ecosystem of highly experienced consultants and advisors who can help accelerate the transaction process.

3. Post-Acquisition

After the acquisition, we work closely with management to implement strategic and operational improvements, driving growth and making sure the business is well positioned for long-term success.

News & Updates

Keep up with the latest news and developments from Splitstone

Get in touch

Contact Us

Splitstone Capital LLP
3rd Floor, 22 Old Bond St, London, W1S 4PY, United Kingdom
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